Korean firm to set up cable project in Haryana

Chandigarh, Aug 9 (UNI) As a direct outcome of Haryana Chief Minister Bhupinder Singh Hooda's visit to Korea last year, LS Cables Ltd has decided to set up a power and telecommunication cable project at Growth Centre Bawal in district Rewari.

The company with its headquarters in Seoul is a part of the famous LG Group of Korea.

Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has agreed in principle to allot about 40 acres of land in the second phase of its industrial growth centre at Bawal, HSIIDC Managing Director Rajeev Arora said today.

He said that LS Cables would invest a sum of Rs 210 crore in a phased manner for setting up the project.

The company would manufacture RF cables for mobile operators in Phase-I of the project and fibre optics telecommunication cables, power cables, automobile cables and, magnetic wires in the second phase, he added.

He said the project was expected to achieve an annual turnover of 68 million dollars by the second year of its operation besides generating direct and indirect employment for more than 1,500 persons. The first phase of the project was likely to go on stream in October 2008.

Mr Arora said that LS Cables Ltd has six existing plants in Korea and another eight plants located worldwide. The world wide turnover of the company is 3,126 million dollars with a net income of 215 million dollars.

The proposed project would be implemented by a separate company which had been incorporated in India by the name of LS (India) Cable Pvt Ltd.

Mr Arora said a large number of Korean companies had evinced interest in Haryana after the visit of a high level business delegation led by Mr Hooda to Korea last year.

He said that Samsung, a renowned multi national compnay had already started production in their mobile phones project at Industrial Model Town, Manesar. Another well known Korean company Standard Diagnostics was also in the process of setting up its project at Manesar.

Korean giant Posco Group had also recently decided to set up a project to manufacture Steel Plates and Coils with an investment of more than 110 crore at Bawal, he said.

UNI